How are SY American Depositary Shares related to Class A ordinary shares?

The footnotes explain that each American Depositary Share represents 13 ADS for every 10 Class A ordinary shares. This ratio links the U.S.-traded ADS to So-Young International’s underlying Class A equity listed in its home market.

Does Jin Xing’s Form 3 for SY show any recent share purchases or sales?

The Form 3 does not show any recent purchases or sales of So-Young International shares by Jin Xing. It only records his existing direct and indirect holdings as of the reporting date, which is typical for an initial beneficial ownership statement.

So-Young (SY) CEO Jin Xing reports sizable ADS and dual-class share stake

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

So-Young International Inc. director, CEO and interim CFO Jin Xing filed an initial statement of beneficial ownership, detailing his stake in the company. He indirectly holds 4,544,820 American Depositary Shares through Beauty & Health Holdings Limited, directly owns 3,767,692 Class A ordinary shares, and indirectly holds 12,000,000 Class B ordinary shares through the same entity. Each American Depositary Share represents 13 ADS for every 10 Class A ordinary shares, clarifying the structure of his economic interest. The filing reports holdings only and does not show any recent share purchases or sales.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Jin Xing

Role CEO and interim CFO

Type	Security	Shares	Price	Value
holding	American Depositary Share	--	--	--
holding	Class A Ordinary Share	--	--	--
holding	Class B Ordinary Share	--	--	--

Holdings After Transaction: American Depositary Share — 4,544,820 shares (Indirect, By Beauty & Health Holdings Limited); Class A Ordinary Share — 3,767,692 shares (Direct); Class B Ordinary Share — 12,000,000 shares (Indirect, By Beauty & Health Holdings Limited)

Footnotes (1)

"American Depositary Share" refers to the issuer's American depositary share, 13 of which represent 10 class A ordinary shares of the issuer. Beauty & Health Holdings Limited is controlled by Xing Jin through a trust and of which Xing Jin and his family members are the beneficiaries.

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03/18/2026 - 06:15 PM

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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hours per response:			0.5

1. Name and Address of Reporting Person^*

Jin Xing

(Last)

(First)

(Middle)

2/F, EAST TOWER, POLY PLAZA

NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT

(Street)

BEIJING

100012

(City)

(State)

(Zip)

CHINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
So-Young International Inc. [ SY ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and interim CFO

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Share⁽¹⁾	4,544,820	I	By Beauty & Health Holdings Limited⁽²⁾
Class A Ordinary Share	3,767,692	D
Class B Ordinary Share	12,000,000	I	By Beauty & Health Holdings Limited⁽²⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)

Explanation of Responses:

1. "American Depositary Share" refers to the issuer's American depositary share, 13 of which represent 10 class A ordinary shares of the issuer.

2. Beauty & Health Holdings Limited is controlled by Xing Jin through a trust and of which Xing Jin and his family members are the beneficiaries.

	/s/ Xing Jin	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What does Jin Xing’s Form 3 filing reveal about his holdings in SY?

The Form 3 shows Jin Xing’s existing ownership in So-Young International. He indirectly holds 4,544,820 American Depositary Shares and 12,000,000 Class B ordinary shares, plus 3,767,692 Class A ordinary shares directly, outlining his significant economic and voting interest.

How many American Depositary Shares of SY does Jin Xing indirectly own?

Jin Xing indirectly owns 4,544,820 American Depositary Shares of So-Young International through Beauty & Health Holdings Limited. This position is reported as an indirect holding, reflecting ownership via a controlled entity rather than directly in his own name.

What Class A and Class B ordinary shares of SY are reported for Jin Xing?

The filing reports 3,767,692 Class A ordinary shares held directly by Jin Xing and 12,000,000 Class B ordinary shares held indirectly through Beauty & Health Holdings Limited, indicating both personal and entity-based ownership stakes in So-Young International.

What is Beauty & Health Holdings Limited’s role in Jin Xing’s SY ownership?

Beauty & Health Holdings Limited holds certain So-Young International securities on Jin Xing’s behalf. It is controlled by Jin Xing through a trust, with him and his family members as beneficiaries, making these positions indirect holdings attributed to him.